Suppose you are the money manager of a $4.88 million investment fund. The fund consists of four stocks with the following Investments and betas: Stock Investment Beta $ 280,000 1.50 780,000 (0.50) 1,020,000 2,800,000 0.75 If the market's required rate of return is 12% and the risk-free rate is 6%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places